1. UNICREDITO ITALIANO GROUP 9M 2004 Results Alessandro Profumo - CEO Milan - November, 12 nd 2004

2. 2 AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

3. 3 3Q EXECUTIVE SUMMARY: QUALITY DRIVING GROUP RESULTS Continuous growth of lending activity (+1.5% q/q and +10.4% y/y ex. Repos), with market share improvement in Italy (10.96% as of Sep 04, +8 bp vs. Jun 04) Growth of managed assets (+7.7% y/y) with increased market shares in Italy (13.69% as of Oct 04, +18 bp vs. Jun 04) and Poland (32.68% as of Sep 04, +43bp vs. Jun 04) Evidence of improvement in revenue quality: Good growth of net interest income from Italian commercial business (+3.2% q/q, +6.8% y/y) Recurring net commissions resilience (net of adverse seasonal effects) Estimated Core Tier 1 ratio at 7.6%, vs. 7.4% in 1H04… 67.5 mln shares purchased to date Better coverage ratios on total doubtful loans (48.0%, +86 bp vs. Jun 04) and NPLs (60.1%, +87 bp vs. Jun 04), with annualised cost of risk at 65 bp (stable vs. FY2003 net of Parmalat)

4. 4 449 3Q03 1,130 3Q03 1,581 1,504 9M039M04 NET INCOME (Euro mln) ROE 1 1 Calculated on end of period net equity excluding profit for the period 3,680 3,310 9M039M04 OPERATING INCOME (Euro mln) COST/INCOME RATIO -4.9% -10.1% 57.0% (+2.0 pp on Dec03) 16.7% (-1.0 pp on Dec03) 455 3Q04 +1.3% 1,030 583 2Q04 1,210 2Q04 3Q04 -8.8% 466 1Q04 1,070 1Q04 GROWING NET INCOME Y/Y (+1.3% ON 3Q03). Q/Q COMPARISON AFFECTED BY NEGATIVE SEASONAL EFFECT

5. 5 STRONG NET INTEREST INCOME (EX. DIV.) COMING FROM COMMERCIAL BUSINESS (+3.2% Q/Q AND +6.8% Y/Y IN ITALY), THANKS TO PRICING RESILIENCE … NET INTEREST INCOME excl. Dividends 4Q031Q043Q032Q031Q03 New Europe Italy ex. Parent Company Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2Q04 2.09% Mark-up on short term (1) UBI vs. System (3), % Mark-down (2) UCB vs. System (3), % (1) Mark-up = Interest rate on short term loans - Euribor 1M. EOP data (2) Mark-down = Euribor 1M - Interest rate on deposits in current accounts. EOP data ITALY: TREND OF MARK-UP& MARK-DOWN 1,140 1,189 1,160 1,193 1,251 9339649469701,007 1,210 979 255259250268263 270 3Q04 2.11% 1,217 1,010 274 Memo Parent Company: -48-34-36-45-19 -39-67 (3) System data as of end of August 2004 Net Interest income 8204771 9134 Dividends (4) (4) Excl. infra-group dividends +3.2% +6.8% 34-34-3232-1852-33 Parent Co. subtotal

6. 6 % ch. on Dec03 % ch. on Jun04 … AND GOOD VOLUME GROWTH MAINLY SUPPORTED BY RETAIL AND NEW EUROPE IN 3Q04 Sep04 TOTAL CUSTOMER LOANS 1 Breakdown By Division (bn) 1 Excl. Repos Retail Division: good performance, thanks to continued growth in households’ mortgages (+16.1% on Dec03) and to the pick-up of Small Business lending (+7.2% on Dec03) Corporate Division substantially stable (-0.3% on Dec03) mainly due to lower lending to large corporates counterbalanced by growth in SMEs and other corporate customers; good increase in m/l term (+9.2% 2 Sep04/Dec03 in UBI) New Europe Division up 8.0% at unchanged FX on Dec03, positive contribution of Pekao (+11.1% on Dec03, +3.5% at unchanged FX) +4.1 Retail+11.2 Corporate-0.3 New Europe+12.0 TOTAL GROUP+5.7 Other 54.2 62.6 13.2 133.2 3.2 +3.4 -0.6 +1.5 +0.9+22.4 +15.0 +7.5 +9.1 +10.4 +0.6 % ch. on Sep03 3 2 Source: Bank of Italy Matrix 3 Incl. ANBI

7. 7 UCI LOAN GROWTH IN ITALY OUTPERFORMS INDUSTRY WITH A MAJOR SHIFT TOWARDS M/L TERM CONTINUED MARKET SHARE GAINS Italian industry Total Loans 1, y/y % ch. UCI 2 Italian industry Medium/Long Term Loans 1, y/y % ch. UCI 2 On M/L term loans 1 On total loans 1 UCI 2 Market Share Increasing positive gap of UCI y/y total loans growth vs. industry since Sep 03 (from +0.8% in Sep 03 to +6.2% in Sep04) UCI total loans market share constantly improving from Mar03 (+97 bp, from 9,99% in Mar03 to 10,96% in Sep04) 1 Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 2 Proforma incl. ANBI

8. 8 Net commissions (excluding up-front) down 7.9% on 2Q mainly due to lower contribution from Corporate Division: Less fees from Corporate Finance activity (~ -25 mln) Adverse seasonal effect on Uniriscossioni Good resilience of fees from Foreign Trade and Transaction Services vs. 2Q Commissions from segregated accounts up 3.3% on 2Q04 Up-front fees down 25.9% on 2Q Net commissions (excluding up front) up 0.7% on 3Q03 with further improvement in net commission mix (weight of up- front on total to 10.8% from 18.2% in 3Q03) 1 Related to UniCredit Banca and UniCredit Private Banking data restated on management accounts RECURRING NET COMMISSIONS UP 0.7% Y/Y Q/Q COMPARISON IMPACTED BY ADVERSE SEASONAL EFFECT NET COMMISSIONS 781 1Q03 798 1Q04 839 2Q03 830 3Q03 857 4Q03 Up-front 1 109 154 171 151 179 Other 627 660679 686 689 855 2Q04 743 9M04/9M03: -1.2% Weight of Up-front on Total (%) 19.721.318.220.013.613.1 767 3Q04 684 -10.3% -7.9% 10.8 83 112 +0.7%

9. 9 Sep. 04 41.4 23.9 23.1 34.8 123.2 Jun. 04 42.9 22.6 35.0 123.1 (1) Plain vanilla Mutual and Hedge Funds distributed in Italy (Total AuM in Mutual and Hedge Funds in Italy, including Mutual Funds in Segregated Accounts and Unit Linked, 70.2 bn as at 30.9.2004 vs 67.6 bn as at 30.9.2003, +3.8% - Source: Assogestioni) MUTUAL FUNDS (Italy): continued outperformance for net sales in the first 10 months of 2004 … HEDGE FUNDS (Worldwide): positive inflows confirmed in 3Q (~260 mln), leading to record 1.4 bn net sales in 9M04 (+217% Y/Y) TOTAL AUMs IN LINE WITH JUN04 BUT +7.7% Y/Y; VERY POSITIVE Q/Q GROWTH OF HIGHER VALUE ADDED PRODUCTS (SEGREGATED ACCOUNTS +5.8% AND BANCASSURANCE +2.0%) AND CONTINUED INCREASE OF MKT. SHARE IN MUTUAL FUNDS Focus on Sales of AM products DEC.03 … being the only mkt. share net gainer among the big players UCI JUN.04SEP.04 13.39%13.51%13.63% UCI TOTAL AUM (bn) ItalyUS, New Europe & Intl. Mutual & Hedge Funds 1 Segregated Accounts Insurance Sep. 03 +3.3% vs Sep. 03 42.0 24.1 19.5 28.8 114.4 +21.3% +7.6% +16.2% -6.2% +2.1% -0.5% +0.1% +2.0% +5.8% -3.5% +20.7% vs Sep. 03 +7.7% vs Sep. 03 ASSET MIX (PGAM) Avg.9M03 Equity + Hedge Avg.1Q04Avg.2Q04 26.7%29.8%30.0% Bond + Liquidity63.0%60.7%60.9% Balanced + others10.3%9.5%9.1% UCI (Total) ITALIAN SYSTEM -9,952 -583 OCT.04 13.69% US, New Europe & International Avg.3Q04 30.1% 61.3% 8.6%

10. 10 60 66 Negative seasonality penalising both Corporate (i.e. less than 10 mln revenues in August) and Institutional Derivatives (i.e. less than 4 mln revenues in August) INCOME FROM FINANCIAL TRANSACTIONS (mln) 4Q031Q032Q033Q03 Corporate Derivatives Institutional Derivatives 1 436 268 349 204 263 105 65 239 97 292 1Q04 105 68 2Q04 295 139 100 Reduction of the Y/Y gap vs 2003 for Corporate Derivatives (-44% as of Sep.04 vs -48% as of Jun.04) … Higher 3Q/2Q contribution of Retail Derivatives, New Europe and Parent Company 3Q04 233 76 50 (1) Data restated: revenues deriving from structured products distributed through non-captive networks (previously classified as Retail Derivatives) now classified as Institutional Derivatives … and +10.6% Y/Y growth for Institutional Derivatives in 9M04 (~218 mln vs ~197 mln) INCOME FROM FINANCIAL TRANSACTIONS: CONTINUOUS REDUCTION OF THE Y/Y GAP VS 2003 (FROM –25% AS OF JUNE TO –22% AS OF SEPTEMBER), DESPITE THE NEGATIVE SEASONALITY AFFECTING CORPORATE AND INSTITUTIONAL DERIVATIVES 9M03: 1,048 mln9M04: 820 mln (-21.8% Y/Y)

11. 11 OPERATING COSTS DOWN BY 2.8% 3Q/2Q04 MAINLY THANKS TO A DECREASE IN OTHER ADMINISTRATIVE EXPENSES. FIRST HEADCOUNT REDUCTION SINCE SEP03 OPERATING COSTS BREAKDOWN (Euro mln) PERSONNEL COSTS 3Q/2Q decreasing by -1.4%. First signs of headcount reduction OTHER ADMIN. EXPENSES 3Q/2Q -7.1% also thanks to a seasonal reduction of advertising costs (-10 mln) Personnel costs 9M039M04 4,225 2,446 +0.6% +5.3% +3.4% 2,529 1,439 340 Other adm. expenses Depr. & amort. 4,386 1,515 342 3Q04 1,505 852 -2.8% +7.0% -7.1% -1.4% 840 539 114 1,463 501 122 2Q04 +3.8% DEPRECIATION 3Q/2Q +7.0% mainly due to UCB (+3.6 mln for new branch layout, replacement ATM) 3Q04 69,248 -112 69,136 2Q04 Headcount reduction 3Q/2Q

12. 12 NON OPERATING ITEMS IN 3Q CHARACTERISED BY LOWER NET WRITE- DOWNS OF LOANS AND NET EXTRAORDINARY INCOME vs. 2Q Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions 1 Net extraord. income Taxes Minorities 1Q04 1,070 -71 466 -192 -9 2 -296 -38 2Q04 1,210 -72 583 -246 -27 100 -335 -47 3,310 -215 1,504 9M04 -660 -58 157 -895 -135 Tax Rate at 34.3% vs. 41.7% in 3Q03 benefiting from tax calculation on consolidated P&L, substantially stable on 2Q04 (34.6%) -222 mln net write-downs of loans down 24 mln vs. 2Q04 due to lower net write- downs in Corporate division -21 mln and in Retail division -4 mln Net write-downs of financial investments +4 mln Provisions for risks & charges -26 mln 15 mln net capital gains from disposals 23 mln release of reserves previously created 1 Net write-downs of financial investments, provisions for risks and charges and provision to reserve for general banking risks 3Q04 1,030 -72 455 -222 -22 55 -264 -50

13. 13 Coverage ratio 60.1%+87 bp Provisions on performing loans 1,328+2.9% Coverage ratio 1.01%+1 bp Gross Doubtful Loans 9,311+1.4% Coverage ratio 48.0%+86 bp Stated cost of risk (annualised) 65 bp+1 bp 4 Weight on Gross Loans 6.60%-1 bp mln, where not specified Gross Non Performing Loans 6,451+3.1% Weight on Gross Loans 4.57%+6 bp (4) Calculated on FY03 cost of risk (76 bp) net of extraordinary provisions on Parmalat (12 bp) 9M04 ch. on 2003 Sep. 04 ch. on Jun. 04 ASSET QUALITY: LIMITED Q/Q GROWTH OF GROSS DOUBTFUL LOANS AND SUBSTANTIAL INCREASE OF COVERAGE RATIOS (2) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing (3) Calculated adding back to total provisions the fiscal write-offs of UniCredit Banca and UniCredit Banca d’Impresa only 3Q04 507 402 -20.6% 3Q net flows of New Doubtful Loans 2 slightly higher than 2Q (402 mln vs 372) but 20.6% lower than first 2 quarters Average 3.1% increase of Gross NPLs vs Jun. 04 (mainly due to shift from Watchlist Loans) partly offset by a 3.7% reduction of Watchlist Loans (2,412 mln as of Sep. vs 2,506 mln as of Jun.) Improved coverage ratios; coverage ratios adding back fiscal write-offs 3 at a high 70.6% on NPLs (+62 bp Q/Q) and at 58.4% on Total Doubtful Loans (+88 bp Q/Q) 2.9% increase of provision on performing loans vs Jun. 04, with coverage ratio at 1.01% 30.6.200430.9.2003 30.9.2004 3.20% 3.09% 3.14% 4.60% 4.78% 4.84% Italian Banking System Weight of Total Gross NPLs 1 on Total Gross Loans in Italy much lower than for the Italian Banking System (1) Calculated as Total Gross NPLs/Total Gross Customers Loans granted to corporate and retail customers residents in Italy (Source: BankIT data) Average 1Q04 + 2Q04 (ex New Europe)

14. 14 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

15. 15 RETAIL DIVISION: GOOD Q/Q PERFORMANCE, WITH TOTAL REVENUES UP 3.2% THANKS TO GROWTH OF NET INTEREST INCOME (+4% EX. DIV.) AND NET COMMISSIONS (+1.5%) 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 605 487 1,092 -747 345 161 68.4 % ch. on 2Q04 +4.5 +1.6 +3.2 -0.2 +11.3 +23.2 -232 bp 9M04 ch. on FY03 Cost of risk 49 bp-1 bp Good growth of net interest income (+6.5% y/y excl. dividends) sustained by volume growth in all segments Spread on deposits (1) at 1.57%, slightly up vs. 2Q04 (+2 bp) Good performance of commissions (+1.5% vs. 2Q04 despite negative seasonal effects), thanks to excellent sales of Focus Invest (the new investment product for affluent customers launched in July) Good increase of Operating Income (+11.3% q/q), resulting from operating costs substantially aligned with 2Q Almost 19,000 net new customers acquired in 3Q04 (1) Management accounts Decrease of 200 employees in 3Q

16. 16 POSITIVE SIGNS FROM ALL KEY MARKETS WITH GROWTH TARGETS: EXCELLENT GROWTH IN STOCKS OF RESIDENTIAL MORTGAGES, CONSUMER FINANCING … RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn Good performance in the flow of new mortgages of both UCB and UBCasa (+22% y/y for both) Growth coming mainly from partnership channel, with 49% y/y increase Avg. amount of mortgage from 93,000 (2003 avg.) to 102,000 Euros (9M04 avg.), up 12.7% CONSUMER FINANCING Excellent growth of stock (2.5 bn as of September), +18% vs. Dec 03 and +9.6% vs. June 04 Excellent results of the focus on captive customers (more than 200,000 revolving sold in 9 months vs. 6,000 in FY03) Acceleration in flow of personal loans granted through UCB branches (342 mln in 3Q vs. 281 in 2Q) driven by the launch of Credit Express in May 04 DEC039M04 26.2 30.5 +16.1% 9M039M04 5.2 6.3 +22% NEW FLOWS OF PERSONAL LOANS FY039M04 95 mln 248 mln TOTAL SPENDING 3) (+270k revolving cards in 9M04) 3Q average spread on new mortgages (1) : UCB at 1.28%, unchanged vs. 2Q04 UBCasa at 1.46%, slightly up vs. 2Q04 (+1 bp) (1) Management accounts 2Q04 29.2 mkt share (2) 17.17% 17.61% 17.63% (2) Related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin VOLUMES PRICING VOLUMES 3Q average spread on new production (1) : revolving cards at 9.87%, +43 bp vs. 2Q04 personal loans at 5.40%, -2 bp vs. 2Q04 PRICING (3) POS and ATM spending through revolving cards 9M039M04 582 mln 886 mln +52%

17. 17 … AND SMALL BUSINESS LENDING, THANKS TO CONTINUED INCREASE IN CUSTOMER ACQUISITION RATE AND IN PRESENCE OF A RESILIENT SPREAD STOCK, bn Growth of acquisition rate mainly driven by development regions, also thanks to the implementation of the brand new network of Developers (680 developers up and running) 9M04DEC03 UCB AVERAGE MONTHLY ACQUISITION RATE TOTAL BANKDEVELOPMENT REGIONSSTRENGTHENING REGIONS FY03 3Q04 FY03 3Q04 FY03 3Q04 SHORT TERM SPREAD (1) FY039M04 GOOD RESULTS OF THE RECENT FOCUS ON SMALL BUSINESS ALREADY VISIBLE IN STOCK GROWTH Continuous growth of stock, with 2.8% increase vs. June 04 Resilience of short term spread (1), substantially in line with 1H04 (+1 bp) (1) Management accounts, includes also maximum overdraft charges 12.1 13.0 +7.2% 8.63% 8.41% 0.49% 0.64% 0.70% 0.93% 0.32% 0.46% +31% +33% +44% 52,000 new Small Business customers acquired in 9M04

18. 18 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

19. 19 CORPORATE DIVISION: GOOD PERFORMANCE OF NET INTEREST INCOME, COST CONTROL AND LOWER WRITE-DOWNS ON LOANS OFFSET BY THE NEGATIVE SEASONALITY ON NON-INTEREST INCOME AND THE LACK OF EXTRAORDINARY GAINS POSTED IN 2Q 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 388 330 718 -244 474 193 34.0 % ch. on 2Q04 +1.0 -30.7 -16.6 -5.4 -21.4 -37.5 +402 bp 9M04 ch. on FY03 Cost of risk (annualised) 77 bp+8 bp 1 Good growth of net interest income (+3.7% Q/Q and +5.9% Y/Y excluding dividends) almost totally driven by UBI Net write-downs on loans -123-14.5 Net extraordinary income +1n.s. (1) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (mln) Net non interest income penalised by the negative seasonality for derivatives (income from financial transactions from 282 mln in 2Q to 178 mln in 3Q) and by the lower contribution of Corporate Finance fees (from ~36 mln in 2Q to ~11 mln in 3Q) Operating costs decrease (-5.4% 3Q/2Q) mainly due to lower administrative expenses (less services provided to customers due to seasonality and effective cost control) Net write-downs on loans back to “normalised levels” (-21 mln vs 2Q) 37.5% 3Q/2Q reduction of Net Income also due to very limited extraordinary income (1 mln vs 64 mln posted in 2Q 2 ) (2) Of which ~55 mln write-back of provisions created for fiscal purposes – “tax cleared accounts” by UBM

20. 20 UBI AVG. CUSTOMER LOANS 1, bn +2.5% UBI AVG. TOTAL LENDING SPREAD (1), % 2.21% 2.32% 2.41% (1) Average quarterly figures; only performing loans (“impieghi vivi”) taken into account NET INTEREST INCOME GROWTH DRIVEN BY UBI’S HIGHER AVERAGE LOANS COUPLED WITH EFFECTIVE PRICING 42.7 45.3 46.5 3Q032Q043Q043Q032Q043Q04 (mln, end of period figures) Largest groups Dec03 7,389 Jun04 Aug04 2 6,3595,173 % ch. Aug04/ Jun04 -18.7% SMEs & other corporate 27,39028,60828,663+0.2% Public Sect. & Others 4 6,8117,8728,1453.5% (4) Including non-financial companies with Total Revenues lower than 1.5 mln (5) Data as of Dec03 and Jun04 restated in order to reflect a new share of wallet calculation criteria adopted from July ’04, which excludes loans to non-residents in Italy Financial companies4,4463,4783,295-5.3% TOTAL 5 46,03646,31745,276-2.2% - Share of Wallet12.3%12.7%12.8% 3 +10 bp Continuous growth of loans to core SMEs customers (+0.2% as of Aug04 2 vs Jun04) … (3) Discount the securitisation of ~230 mln for Neafidi district bond and ~170 mln loans issued in conjunction with UniCredit Banca MedioCredito. Share of wallet at ~13.0% adding back these amounts +9 bp UBI NET INTEREST MARGIN (excluding dividends), mln 293 312 325 3Q032Q043Q04 o/w: M/L 17.1 19.1 19.7 (2) Source: Credit Bureau; data as of September 2004 not yet available … and of Share of Wallet (12.8% as of Aug04 vs 12.7% as of Jun04) … … with a good contribution of M/L lending (from avg. 19.1 bn in 2Q to avg. 19.7 bn in 3Q) +4.2% Q/Q +11.0% Y/Y

21. 21 CORPORATE DIVISION: NET COMMISSIONS SIGNIFICANT RESILIENCE OF LEAST VOLATILE COMPONENTS OF NET COMMISSIONS, DESPITE LOW “AUGUST” BUSINESS VOLUMES. 3Q NET FLOWS OF NEW DOUBTFUL LOANS SIGNIFICANTLY LOWER THAN THE FIRST 2 QUARTERS AVERAGE (-10.5%) (2) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans (3) Defined as: (Flows from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans)/ Total Gross In Bonis Loans as of 31.12.2003 2Q04 142.9 1Q04 -25.4% vs 2Q 140 131 Net commissions impacted by the lower contribution of Corporate Finance fees 1 (~11 mln in 3Q vs ~36 mln in 2Q) and the negative seasonality for UniRiscossioni ~35 mln from foreign trade services (vs ~37 mln in 2Q and ~27 mln in 1Q) (1) UBI+UBM+Banca MedioCredito (mln) CORPORATE DIVISION: NET FLOWS OF NEW DOUBTFUL LOANS 2 3Q net flows of new doubtful loans higher than in 2Q (232 mln vs 143 mln), but significantly lower than the first 2 quarters Average (-10.5%) 3Q04 ~260 ~232 Average 1Q04 + 2Q04 -10.5% (mln) Of which: To Loans to be Restructured 81 72 3Q Default Rate 3 at 0.37% (vs 0.42% in the first 2 quarters Average) 179 160 3Q04 176 -6.0% vs 1Q Very good resilience of the least volatile components, despite lower business volumes in August: ~16 mln from transaction services (vs ~17 mln in 2Q and ~16 mln in 1Q)

22. 22 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

23. 23 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 24 251 275 -175 100 88 63.6 % ch. on 2Q04 -1.4 -2.9 -2.7 -5.4 +2.3 -4.3 -179 bp Net extraordinary income 12+37.0 (mln - % Change at Fixed FX) Tax Rate, % 19.4 1 Including Repos PRIVATE & AM DIVISION: OPERATING INCOME INCREASE THANKS TO HIGHER EFFICIENCY; CONTINUED GROWTH OF TOTAL FINANCIAL ASSETS … Vs 10.3% in 2Q (bn) Sep.03 restated Jun.04 Securities in custody Direct deposits 1 AUM 5.8 22.4 120.4 5.9 24.7 130.1 148.6 160.7 Sep.04 6.1 24.7 130.6 161.4 Total Financial Assets: 0.4% Q/Q increase (+9.6% Y/Y at fixed FX), with higher weight of hedge funds (from 1.40% as of Sep.03 to 2.26% as of Jun.04 and to 2.38% as of Sep.04) +0.4% PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS Slight Q/Q decrease (-8 mln at fixed FX), mainly due to lower upfront fees (-6 mln at fixed FX) Operating income: +2.3% Q/Q thanks to strict cost control (-10 mln Q/Q operating costs at fixed FX, mainly marketing and travel expenses) Significant +6.9% growth in 9M04 vs 9M03, driven by the strong +9.6% increase of Total Financial Assets (at fixed FX) Net income: -4.3% Q/Q (at fixed FX) totally due to taxes back to a “normalised” level (one-off benefits in 2Q coming from “first-time fiscal consolidation” of PGAM and Xelion) Total revenues:

24. 24 … MAINLY THANKS TO PIONEER AUM INCREASE COUPLED WITH POSITIVE SALES IN ALL THE BUSINESS DIVISIONS Growth of total AUM driven by market performance and positive net sales in all the business divisions, with excellent results in the International (ex Italy) business division and in alternative investments (bn) AUM Sep.03 pro-forma AUM Sep.04 115.6 125.4 1 9M04 Net Sales Italy 165 Net Sales breakdown: International (ex Italy) 1,670 1 US 286 New Europe 287 Alternative Invest. 1,385 TOTAL PGAM 2,408 +0.5% Q/Q +0.9% at fixed FX Significant increase of market shares in Italy (from 13.39% as of Dec.03 to 13.63% as of Sep.04 and 13.69% as of Oct.04 – Mutual Funds, Assogestioni perimeter) and in Poland (from 30.36% as of Dec.03 to 32.25% as of Jun.04 and 32.68% as of Sep.04 – Investment Funds) AUM Jun.04 124.7 “Institutional and Third party strategy” already paying off: Institutional+Third Party AUM/Total AUM ratio from 34.7% as of Dec.03 to 35.8% as of Sep.04 +8.4% Y/Y +9.5% at fixed FX 1 Data gross of ~500 mln AUM withdrawn by an Institutional client in the last days of September and given back to Pioneer (as previously agreed) at the beginning of October

25. 25 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

26. 26 Operating Costs down 2.5% on 2Q04 due to decreasing trend in major banks (Pekao, and Zaba) thanks to active cost management 3Q04 KEY HIGHLIGHTS: NET INCOME UP 18.9% Q/Q THANKS TO REVENUE GROWTH, COST CONTROL AND LOWER COST OF RISK. INCREASING CONTRIBUTION ON OPERATING INCOME OF ZABA AND KFS Attributable Net Income 3Q04 (Euro mln) 113 Total revenues 445 Operating income 210 Cost/Income 52.8% Cost of Risk 3 (annualised) 91 bp - o/w net interest income 2 270 At unchanged FX 1 Net write-downs of loans -30 ROE (9M04 data, y/y % ch.) % ch. on 2Q04 +18.9 +1.8 +7.1 -2.3 pp -5 bp +1.6 - o/w net commissions 99 -5.7 -1.1 20.2% ITAS 2 Excluding dividends Operating costs -235 -2.5 Total Revenues up 1.8% on 2Q04: Net interest income +1.6% on 2Q04: KFS (+9.2%) and Bulbank (+4.5%) performance partially counterbalanced by Zaba (-3.0%) and Pekao (-0.2%); +4.8% incl. dividends and other income from equity investments (+9 mln from Istratourist 4 ) Net commissions -5.7% on 2Q04: decrease in Pekao offsets positive trends of Bulbank, Zaba and KFS mainly due to loan growth Further reduction of Cost of Risk (-5 bp q/q) and higher coverage of Doubtful loans (to 72.4% from 68.5% in Jun04) Attributable Net Income up 18.9% also benefiting from disposal of securities and equity investments in Pekao (7 mln) Tax Rate 15.2% +4.3 pp 3 Calculated as Net Loan Loss Provisions of 3Q04 on Net customers Loans at period-end 1 Excluding for KFS (included at current FX) % ch. on 3Q03 +21.5 +2.8 +3.4 -0.3 pp -3 bp +1.3 -7.0 -5.7 +2.2 pp +2.2 -9.3 pp 4 Company, operating in tourism business, accounted by equity method in Zaba

27. 27 1 Excluding for KFS (included at current FX) INCREASING NET CUSTOMER LOANS FOR NE BANKS (PEKAO STABLE ON JUN04). TREND IN MUTUAL FUNDS AFFECTED BY LOWER SALES IN POLAND AND CROATIA ITAS % ch. on Jun04 Sep04 (Euro mln) % ch. on Dec03 Net Customer Loans - o/w Pekao Mortgages +4.1 -0.1 +11.9 +3.2 +8.3+21.8 13,261 5,750 1,953 - o/w Pekao LC +17.4+59.5464 - o/w Pekao Mutual Funds 3 +1.1-1.1 +4.4+24.4 Deposits +6.8+6.622,577 10,690 4,431 - o/w Pekao 2 +1.3+13.22,607 NET CUSTOMER LOANS 3Q/2Q04: Good growth (+4.1%) driven by acceleration in Bulbank (+20.5%) and Zaba (+5.4%); further increase in KFS (+3.7%), Pekao substantially stable (-0.1%) 2 PPIM At unchanged FX 1 MORTGAGES continuing good trend: Pekao: market share in new LC mortgages +1.9 pp on 2Q04 (to 25.5%) Zaba: stock +7.7% on 2Q04, improved leadership position with 41.6% market share (+40 bp on 2Q04) MUTUAL FUNDS in PEKAO: Improved market share 2 : +0.4 pp on 2Q04 (to 32.7%); Further increase of equity and balanced funds 2 to 51.3% (from 50% in 2Q04) 3 New Europe Business Area of Pioneer is included at current FX DEPOSITS: ~ +430 mln on Jun04 linked to bond issued by Zaba (total amount 450 mln) Assets administr. for customers 3 +6.3+12.335,724

28. 28 Annex

29. 29 * Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk 3Q04 & 9M04 CONSOLIDATED INCOME STATEMENT Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Other net provisions* Goodwill depr. (Euro mln) Minorities Taxes % ch. on 3Q03 Net interest income (incl. div.) - of which Dividends -8.3 -0.7 +11.8 n.m. +6.1 -8.8 -9.9 +5.6 +56.1 -23.2 +8.0 % ch. on 2Q04 3Q04 1,215 2,493 -1,463 1,030 -222 55 -22 -72 -50 -264 1,278 61 -12.5 -8.2 -10.1 -45.0 -2.8 -14.9 -15.3 -0.1 +6.5 -21.0 -3.7 -47.9+165.2 y/y % ch. 9M04 3,898 7,696 -4,386 3,310 -660 157 -58 -215 -135 -895 3,798 182 Net income+1.3 455 -22.1 1,504 -4.9 -5.8 -2.6 +17.6 +185.5 +3.8 -10.1 -64.0 +5.4 +32.4 -20.5 +0.8 +11.0

30. 30 Retail Division Corporate Division Priv.& AM Division NE Division Total Group 1 Total revenues +3.2%-16.6%-3.5%+2.4%-8.2% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio -0.2%-5.4%-6.4%-2.1%-2.8% +11.3%-21.4%+2.0%+8.0%-14.9% -5.1%-14.5%n.m.-1.1%-10.1% +23.2%-37.5%-4.3%+19.9%-22.1% -2.3 pp+4.0 pp-2.0 pp-2.4 pp+3.3 pp 1 Balance due to the Parent Company, other Group companies and elisions 2 Calculated on data at end of period FX (Euro mln - Data at end of period FX) DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 3Q04 1,0927182754542,493 -747-244-175-240-1,463 3454741002141,030 -69-123-31-222 16119388115455 68.4%34.0%63.6%52.8%58.7% 3 Including all the employees of Koc Financial Services (3,908 as at 30.09.2004) Employees 3 25,2616,3883,66729,78771,110 3Q04 RESULTS % Change vs 2Q04 2 Change in pp vs 2Q04 2

31. 31 -on tot. Gross doubtful loans, % 37.6%37.1%47.2%68.5%37.9%36.5%72.4%48.0% -on total gross NPL, % 48.5%42.0%83.2%59.3%48.7%42.6%84.5%60.1% Total gross doubtful loans 3,3902,7982,8379,180 -1.1%+1.4% Net Doubtful Loans/Tot. Net Loans,% 3.64%4.03%2.71%7.03% 3,479 3.98% +2.6%+2.5% 2,869 2.82% 2,806 5.83% 9, 311 3.58% % change on Jun.04 Gross Doubtful Loans/Tot. Gr. Loans,%6.61%6.28%4.19%19.1%6.23%4.32%18.1%6.60% Total net doubtful loans 2,1141,7608954,850 -13.6%-0.2% 2,160 +2.2%+3.6% 1,8237744,839 % change on Jun.04 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Jun. 04Sep. 04 1 Balance due to other Group companies (mln - Data at end of period FX) Corporate Division NE DivisionTotal Group 1 Gross NPL % change on Jun.04 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,0341,8902,2366,259 +3.7%+3.1% 3.77%2.83%15.0%4.51% 2.00%1.69%2.95%1.91% 2,095 3.75% 1.98% +3.0%+2.6% 1,940 2.92% 1.72% 2,320 15.0% 2.71% 6,451 4.57% 1.91% Net NPL % change on Jun.04 1,0471,0963752,549 -4.3%+1.1% 1,075 +2.7%+1.6% 1,1133592,577 Jun. 04Sep. 04Jun. 04Sep. 04Jun. 04Sep. 04

32. 32 Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % TOTAL (1) Banca d. Umbria UniCredit Banca Net provisions mln Net income for the Group (2) UBCasa - of which: Staff costs - of which: Other costs Clarima RETAIL DIVISION: 9M04 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 1,505 1,317 2,821 -2,012 809 359 71.3 309 -1,071 -875 -156 -179 78 54 132 -73 59 30 55.0 28 -38 -32 -7 -10 83 9 92 -55 37 17 59.8 22 -18 -35 -12 80 24 104 -48 55 29 46.7 29 -13 -34 -21 -23 1,746 1,420 3,166 -2,215 951 420 70.0 419 -1,155 -987 -197 -225 (1) Balance due to rounding and elisions of infragroup dividends and goodwill amortisation CR Carpi 28 17 45 -26 19 10 58.1 10 -14 -11 (2) Net of consolidation adjustments

33. 33 CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS SB loans (1) Residential mortgages (2) Cons. credit Other loans EOP LOANS, Euro bn UCB AVG. MARK UP (5) (Households), % Other deposits Households c/accounts Bonds EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN (5) (Households), % 2Q04 2003 pro-forma (3) 2Q042003 +3.4% -0.2% (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI +11.0% +4.2% +7.8% +0.6% +18.3% +0.4% +1.6% 48.8 26.3 12.1 2.1 8.3 60.2 17.7 15.3 27.2 UCB AVG. MARK UP (5) (Small Business), % 1Q03 7.18 1Q03 2.32 1Q03 5.99 2Q03 7.18 2Q03 2.03 2Q03 5.93 3Q03 7.33 3Q03 1.78 3Q03 5.95 4Q03 7.04 4Q03 1.72 4Q03 5.69 1Q04 7.03 1Q04 1.65 1Q04 5.60 (4) 2Q04 increase vs. December is due to the issue of bonds by UBCasa to fund mortgage book expansion 3Q04 54.2 63.8 30.5 20.5 (4) 13.0 2.5 8.2 15.4 27.9 +7.4% +4.7% +2.8% +9.6% -1.6% -2.3% +0.1% +1.2% +6.5% 2Q04 7.08 2Q04 1.65 2Q04 5.47 (5) Source: Bank of Italy matrix data 52.4 63.9 29.2 21.0 (4) 12.6 2.3 8.3 15.4 27.6 3Q04 7.33 3Q04 1.67 3Q04 5.55

34. 34 NET COMMISSIONS GROWTH COMING FROM GOOD SALES OF FOCUS INVEST. UP-FRONT FEES REPRESENTING 22% OF TOTAL COMMISSIONS IN 9M04, IN LINE WITH INTERNAL EXPECTATIONS RETAIL DIVISION: NET COMMISSIONS mln Securities in custody TOTAL RETAIL DIVISION Total Commissions from Wealth Management -Mutual funds 1 -Segregated Accounts 2 Other services -Insurance Products 3 Breakdown by nature 1 Includes subscription and management fees from Plain Vanilla Mutual Funds 2 Includes management fees related to underlying Mutual Funds. Net commissions related to Focus Invest do no impact consolidated results 3Q04 49 329 159 50 44 121 66 Q/q % ch. +1.7 +1.5 +5.1 -10.4 n.m. -3.0 -22.9 2Q04 48 324 151 56 11 125 85 3 Includes management fees related to underlying Mutual Funds

35. 35 RETAIL DIVISION - DETAILS ON ASSET QUALITY Slight increase of Gross Doubtful Loans (+2.6% Q/Q), driven by increased Gross NPLs (+3.0%) Coverage ratio 48.7%+15 bp Sep 04 ch. on Jun 04 Provisions on performing loans 302+5.0% Coverage ratio 0.58%+1 bp Gross Doubtful Loans 3,479+2.6% Coverage ratio 37.9%+28 bp Weight on Gross Loans 6.23%-5 bp mln, where not specified Gross Non Performing Loans 2,095+3.0% Weight on Gross Loans 3.75%-2 bp Cost of risk (annualised) 49 bp-1 bp Increased provisions on performing loans, with slight increase in coverage ratio (+1 bp) Cost of risk in line with previous year 9M04 ch. on 2003 Reduced weight of both Gross Doubtful Loans and Gross NPLs on Total Gross Loans, respectively -5 bp and -2 bp (1) Defined as flow from in bonis loans to any category of doutbtful loans - flow from any category of doubtful loans to in bonis loans Increased coverage ratios, both on Doubtful Loans (+28 bp) and on Non Performing Loans (+15 bp) 3Q04 206 178 -13.5% 2Q04 240 1Q04 3Q net flows of New Doubtful Loans 2 decline vs. previous 2 quarters:

36. 36 GOOD CUSTOMER SATISFACTION IMPROVEMENTS IN PRIVATE AND SMALL BUSINESS SEGMENTS, CONSISTENTLY OUTPERFORMING COMPETITION IN A CONTEXT OF GROWING MARKET SHARES PRIVATE CUSTOMERS, TRIM INDEX (1) 20033Q04 47 49 20033Q04 43 42 UNICREDIT BANCAAVG. TOP 4 COMPETITORS Stability of front-end relationship with customers Improved waiting time (shorter queues) Improved advisory on investment services, with room for further improvement SMALL BUSINESS, TRIM INDEX (1) 20033Q04 42 49 20033Q04 41 UNICREDIT BANCAAVG. TOP 4 COMPETITORS Dedicated service model Improved advisory on lending products Focus on quality of sales Source: NFO Infratest, Customer satisfaction analyses (1) On a scale from 0 to 70

37. 37 CORPORATE DIVISION: 9M04 INCOME STATEMENT- BREAKDOWN BY COMPANY Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income TOTAL 1 UBI Net provisions (Euro mln) Net income for the group - of which: Staff costs - of which: Other admin. expenses Other companies - o/w: Net write-downs of loans 961 428 1,389 993 -169 -226 -396 371 361 28.5% Cost/income Ratio -350 -355 UBMLOCAT -17 588 571 404 -72 -84 -167 282 284 29.2% 7 3 152 16 168 128 -15 -23 -40 58 61 23.7% -25 -27 43 169 212 69 -92 -66 -143 36 40 67.7% -5 -8 1,139 1,201 2,340 1,594 -328 -399 -746 747 746 31.9% -373 -387 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

38. 38 CORPORATE DIVISION: 3Q04 AND 9M04 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net extraordinary income Net income Total net provisions Taxes Net income for the group Cost Income ratio, % (Euro mln) 3Q04/2Q04 % ch. 3Q04 718 -244 474 -154 34.0% 1 -128 193 388 330 9M04 3Q04/3Q03 % ch. y/y % ch. -16.6 -5.4 -21.4 -25.6 +402bp n.s. -15.8 -37.5 +1.0 -30.7 -4.9 -3.3 -5.7 -4.1 +62 bp n.s. +19.6 -18.9 -18.5 +5.9 -15.2 2,340 746 1,594 -526 31.9% 66 -387 746 747 1,139 1,201 -7.4 -3.1 -9.3 -6.6 +141 bp n.s. +12.2 -14.1 -14.3 +1.6 -14.6

39. 39 CORPORATE DIVISION - DETAILS ON ASSET QUALITY Coverage ratio 42.0%+61 bp 9M04 ch. on 2003 Provisions on performing loans 785+3.6% Coverage ratio 1.23%+5 bp Gross Doubtful Loans 2,869+2.5% Coverage ratio 36.5%-66 bp Cost of risk (annualised) 77 bp+8 bp 2 Weight on Gross Loans 4.32%+13 bp mln, where not specified Gross Non Performing Loans 1,940+2.6% Weight on Gross Loans 2.92%+9 bp Increased coverage on NPLs (+61 bp vs Jun.04). Coverage ratios adding back fiscal write-offs 3 : at 69.2% on NPLs (+67 bp vs Jun.04) at 59.9% on Total Doubtful Loans (almost stable vs Jun.04) +3.6% increase of provision on performing loans vs Jun. 04, also due to 23 mln provisions on the automotive sector. Coverage ratio on performing loans at an high 1.23% 9M04 cost of risk (annualised) 8 bp up vs FY03 net of extraordinary provisions on Parmalat, mainly due to high provisions on a single position posted in 1H04; cost of risk at 68 bp (in line with FY03) net of provisions on this “single position” Increase of Gross Doubtful Loans (+2.5% vs Jun.04) driven by Gross NPLs (+2.6% vs Jun.04) and Loans to be Restructured (from 372 mln as of Jun.04 to 400 mln as of Sep.04, +7.5%), offsetting the benefits of decreasing of Gross Watchlist Loans (from 532 mln as of Jun.04 to 522 mln as of Sep.04, -2.0%) Sep. 04 ch. on Jun. 04 (2) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans (3) Fiscal write-offs related to UBI only

40. 40 (Euro mln) Net interest income 328 Net income for the group Cost Income RATIO, % 118 28.9% Net non interest income 130 Total revenues Operating costs Operating income 458 -132 326 Net write-downs of loans Other net provisions -115 -2 Of which: 89 - Trading profits 35 - Net commissions UNICREDIT BANCA D’IMPRESA: 3Q04 AND 9M04 INCOME STATEMENT 3Q04/2Q04 % ch. 3Q049M04 3Q04/3Q03 % ch. y/y % ch. +4.3 +5.6 +96 bp -18.9 -3.5 -0.2 -4.8 -14.7 -62.9 -7.0 -44.3 +10.7 +0.7 -202 bp -5.2 +5.7 -1.3 +8.8 +23.8 -18.0 +5.9 -22.1 961 361 28.5% 428 1,389 -396 993 -350 -5 275 143 +7.7 -7.7 -32 bp -12.8 +0.4 -0.7 +0.9 +29.0 -79.6 +14.3 -39.1

41. 41 UBM: 3Q04 AND 9M04 INCOME STATEMENT (Euro mln) Financial Products Sales and Trading Investment Banking Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio of which derivatives 133 -28 -24 82 41 38.5% 123 10 107 Net extraord. income- Taxes-39 3Q04/2Q04 % ch. 3Q049M04 3Q04/3Q03 % ch. y/y % ch. 1 -46.8 -0.5 -29.8 -56.6 -74.8 +1,394bp -41.8 -73.9 -43.6 n.s. -55.9 -36.7 -16.8 -20.6 -44.4 -54.3 +858 bp -32.5 -64.0 -30.2 n.s. -33.1 571 -84 -83 404 284 29.2% 509 62 447 58 -182 -29.9 -21.4 -8.5 -34.5 -27.0 +499 bp -29.5 -33.2 -28.2 n.s. -16.5 1 9M04/9M03 % ch. calculated netting 31 mln of tax credit on dividends accounted in 9M03

42. 42 UBM Daily VAR 2 and P&L (Jan 04 – Sep 04) Euro mln Daily P&L VaR 2 Calculated using a 98-99% asymmetric double tail confidence interval 9M04 avg. daily VAR: 3.9 mln UBM 1 VAR CHANNEL 1 Pls. note that, the graph reflects UBM standing alone until June 30, 2004. From July 1 st, 2004 it reflects UBM new perimeter (incl. TradingLab, merged in UBM from July 1 st, 2004) UBM stand alone UBM after merger of TradingLab

43. 43 PRIVATE & AM DIVISION: 9M04 INCOME STATEMENT – BREAKDOWN BY COMPANY Net interest income Net non interest income Total revenues Operating costs (incl. dep.) Operating income Net income Cost/Income Ratio Total net provisions Net income for the group - of which: Staff costs - of which: other admin. expenses (Euro mln) Net extraordinary income TOTAL DIVISION 2 73 770 843 -545 -245 -278 298 -2 255 247 64.7% 21 UPB + Subsidiaries 55 189 243 -169 -95 -71 74 56 42 69.5% 3 7 533 540 -279 -132 -136 261 161 238 51.7% 20 10 39 50 -83 -12 -65 -33 0 -29 -21 n.s. 1 PGAM Group UniCredit Xelion Banca 1 8 9 -14 -7 -6 -5 2 -12 n.s. 48 Other Companies 1 1 Mainly companies deriving from the acquisition of ING and not integrated in UniCredit Xelion Banca 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

44. 44 PRIVATE & AM DIVISION: 3Q04 AND 9M04 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net extraordinary income Net income Total net provisions Taxes Net income for the Group Cost Income ratio, % 3Q04/2Q04 % ch. 3Q04 275 -175 100 -21 63.6% 12 - 88 91 24 251 9M04 3Q04/3Q03 % ch. Y/y % ch. -2.7 -5.4 +2.3 +102.6 -179 bp +37.0 n.s. -4.3 -4.5 -1.4 -2.9 -0.4 +7.2 -11.5 -28.7 +455 bp n.s. +8.2 +11.8 +5.0 -0.9 843 -545 298 -62 64.7% 21 -2 247 255 73 770 +6.9 +8.8 +3.6 -24.3 +113 bp +300.9 -84.6 +19.6 +25.6 +4.3 +7.1 (Euro mln - Data at current FX, % ch. at fixed FX)

45. 45 3 Including Momentum 1 Balance due to roundings Italy New Europe (Euro mln) 89,095 2,577 TOTAL PIONEER Alternative Investments 3 119,436 2,449 165 287 2,408 1,385 US21,884286 International (ex-Italy) 3 5,8801,670 AuM as at 31.12.2003 US in USD27,639376 91,326 3,087 125,362 3,847 23,001 7,947 AuM as at 30.09.2004 1 28,543 AuM as at 31.10.2004 2 91,641 22,657 7,767 3,118 125,183 3,800 28,858 Net sales 9M04 PGAM GROUP: DEC03-OCT04 NET SALES AND AUM TREND 2 Provisional figures; balance due to Market Performance (including FX effect) 2,066 223 3,518 13 831 397 528 -141 25 79 13 87 108 Net sales Oct.04 Mkt. Perf. 9M04

46. 46 VERY GOOD COMMERCIAL RESULTS FOR UPB AND XELION 1 1 All data related to Total Financial Assets, Financial Assets per PFA, and Net Sales relate to Xelion+ING (2003 data are pro-forma), excluding figures related to ex-ING PFA who did not agree on Xelion’s mandate – Source: Assoreti +0.6% 40.1 40.1 bn Total Financial Assets, +0.6% Q/Q and +8.4% Y/Y, with higher weight of Hedge Funds (from 0.8% as of Sep.03 to 2.2% as of Jun.04 to 2.3% as of Sep.04) 309 mln net sales in 3Q04, with strong contribution of hedge funds (85 mln, more than 25% on the total) 70 mln Total Financial Assets per client-manager, vs 69.7 mln as of Jun.04 and 66.1 mln as of Sep.03 TOTAL FINANCIAL ASSETS (bn) Sep.04Jun.04Sep.03 ~11.3 bn Total Financial Assets (+3.2% Q/Q and +13.1 Y/Y) Higher Financial Assets per PFA: from ~4.3 mln as of Sep.03 to ~5.1 mln as of Jun.04, to ~5.3 mln as of Sep.04, +25% Y/Y TOTAL FINANCIAL ASSETS (bn) 37.0 39.9 +3.2% 11.3 Sep.04Jun.04Sep.03 10.0 11.0

47. 47 Finanza & Futuro Rasbank + BNL Inv.ti 4 Credem + Euromob. 6,692Credem + Euromob. 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 major Italian players by Total Financial Assets as at 30.9.2004 4 BNL Investimenti recently acquired by RasBank Source: Assoreti Net Inflows: Euro 1,547 Mln, 1 st in Italy Data as at 30.9.2004 – Mln TOTAL NET INFLOWS 2 & 3 Xelion1,547 Mediolanum1,008 Azimut889 Banca Generali568 474 Fineco370 Credit Suisse 272Rasbank + BNL Inv.ti 4 209 Finanza & Futuro-188 Fideuram + SPI-783 Data as at 30.9.2004 2,122 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,349 Mediolanum4,078 3,955 Banca Generali2,336 Finanza & Futuro1,160 Banca 121 1,102 Azimut872 821 Tot. Fin. Assets: ~11.3 bn, 5 th in Italy Data as at 30.9.2004 – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI57,731 Mediolanum20,371 Rasbank + BNL Inv.ti 4 18,489 7,935Azimut 7,852 Credit Suisse7,069 Xelion11,314 13,702 Fineco6,187 Net Inflows per PFA 1 : 2 rd among Top- Players Data as at 30.9.2004 – Mln NET INFLOWS PER PFA 2 & 3 Azimut1.10 Xelion0.71 Credit Suisse0.65 Credem + Euromob.0.43 0.25 Banca Generali 0.23 Finanza & Futuro 0.07 -0.16 Fideuram + SPI-0.18 Fineco 0.21 XELION: CONFIRMED LEADERSHIP FOR TOTAL NET SALES IN 9M04 (WITH A STRONG 25.7% MKT. SHARE) AND OUTSTANDING PRODUCTIVITY PER PFA Rasbank + BNL Inv.ti 4 Xelion2,122 Fineco1,520 MediolanumCredem + Euromob. Banca Generali

48. 48 2.4% 1 GOOD NET INCOME GROWTH IN 3Q BENEFITING FROM HIGHER REVENUES, LOWER COSTS AND DECREASED COST OF RISK (Euro mln) Net interest income 2 Net non interest income Total revenues Operating Costs 3 Operating income Net write-down of loans Net extraordinary income Net income Other net provisions 4 Taxes 4 Including provisions to reserve for general banking risk 2 Including dividends 3 Including depreciation %ch. at unchanged FX 7.7% 1 37.7% 1 20.1% 1 26.0% 1 1 Weight of the bank Total Revenues in 3Q04 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania and Xelion Poland Net income for the Group Cost/Income ratio (%) NEW EUROPE DIVISION % ch. on 3Q03 +3.3 +1.9 +2.8 +2.2 +3.4 -5.7 n.m. +27.6 -80.4 -31.0 +21.5 -0.3 pp 3.2% 1 BREAKDOWN OF REVENUES ITAS 3Q04 285 160 445 -235 210 -30 12 162 -29 113 52.8 % ch. on 2Q04 +4.4 -2.4 +1.8 -2.5 +7.1 -1.1 n.m. +15.7 -43.1 +70.6 +18.9 -2.3 pp 9M04 825 482 1,307 -704 603 -96 9 424 -4 -89 292 53.9 y/y % ch. +1.9 +8.8 +4.3 +2.5 +6.5 -9.5 -60.9 +21.5 -59.8 -29.4 +18.2 -0.9 pp

49. 49 FURTER IMPROVEMENT IN NEW EUROPE ASSET QUALITY WITH HIGHER COVERAGE RATIOS Net NPLs and Doubtful Loans as % of Total Net Loans 83.2 Jun04 Sep04 84.5 68.5 72.4 Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Sep04 Total NE -1.3 2.7 ch. on Jun04 (pp) Net Doubtful/ Loans % Sep04 ch. on Jun04 (pp) 5.8-0.3 At unchanged FX Zaba -1.5 1.82.9 +0.0 Unibanka -0.3 2.85.9 -0.5 Pekao -1.3 4.18.8 -0.3 Bulbank 0.1 -0.7 1.1 -0.1 KFS -0.6 2.35.1 -0.5 Further improvement in Coverage ratios and cost of risk Cost of risk 1 -24 bp (bp, annualised) 120 96 Sep04FY03 1 Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 9M04 data annualised Zivno 0.5 +0.0 3.4 -0.3 Decreasing Net Doubtful/Net Loans and Net NPL/Net Loans ratios in NE Decreased gross watchlist (-21.0% on Jun04) driven by Zaba (-67.8%) and Pekao (-17.4%) with higher coverage ratio (+1.2 pp to 14.2%) ITAS

50. 50 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL 1 825 482 1,307 -704 603 424 20.2% 53.9% Net provisions -99 1 Balance due to roundings and other small companies (Euro mln) (UCI stake) Net income 3 (UCI’s portion) 292 - of which: Staff costs -353 - of which: Other costs -253 NEW EUROPE DIVISION: 9M04 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -96 UNI BANKA (77.2%) 19 13 32 -23 9 7 11.9% 73.3% -2 5 -11 -10 -2 BULBANK (85.2%) 46 31 77 -27 50 20.6% 34.8% -4 38 32 -11 -4 Group PEKAO (53.0%) 389 309 698 -387 311 21.0% 55.4% 228 -58 125 -195 -138 -50 195 71 266 -146 120 89 20.0% 54.8% -12 72 Group ZABA (81.9%) -79 -47 -19 10 9 19 -15 5 3 5.8% 76.1% -7 -6 -3 3 135 37 172 -73 99 54 26.6% 42.2% -35 -29 -21 54 KFS 2 (50.0%) -18 2 Consolidated with proportional method (50%) 21 11 32 -28 4 +5 6.7% 88.2% -13 -10 +0 +1 Zivno (96.6%) +0 UniCredit Romania (99.9%) ITAS Banks’ data gross of consolidation adjustment 3 Net of consolidation adjustment

51. 51 CONSOLIDATED INCOME STATEMENT: PEKAO 3 Including provisions to reserve for general banking risk 1 Including dividends 2 Including depreciations 4 At unchanged FX (Euro mln) Net interest income 1 Net non interest income Total revenues Operating costs 2 Operating income Net write-down of loans Net extraordinary income Net income Other net provisions 3 Taxes Net income for the Group 5 % ch. 4 on 3Q03 3Q04 130 93 222 -128 93 -14 +12 79 -2 -10 44 % ch. on 2Q04 4 -1.5 -16.5 -8.4 -1.4 -17.0 -6.7 n.m. -4.4 -47.6 n.m. -4.9 -4.0 -2.8 -0.7 -4.1 -10.0 n.m. +37.4 +76.6 -57.4 +47.0 ITAS Data gross of consolidation adjustment 9M04 389 309 698 -387 311 -50 +7 228 -7 -32 125 y/y % ch. 4 -6.2 +11.9 +1.0 +4.4 -27.0 -53.6 +30.5 n.m. -53.2 +35.3 5 Net of consolidation adjustment

52. 52 2 Calculated as Net Loan Loss Provisions of 2Q04 on Net customers Loans at period-end PEKAO RESULTS IN 3Q04: REVENUES IMPACTED BY LOWER CONTRIBUTION OF MUTUAL FUNDS COMMISSIONS, GOOD COST CONTROL AND IMPROVED ASSET QUALITY ITAS 1 Excluding dividends Total Revenues down 8.4% on 2Q, as a result of: Substantially stable net interest income (-0.2% on 2Q04), positively impacted by commercial banking activity spread counterbalanced by negative impact of debt securities spread Lower net commissions mainly due to decreasing sale of Mutual Funds and lower fees from lending activity Costs down -1.4% on 2Q04 thanks to good cost control Improved cost of risk also thanks to better macroeconomic environment, increased coverage of doubtful loans (73.4% from 70.2% in Jun04) Net Income for the Group down 4.9% on 2Q04 (that benefited from a one-off release of deferred tax) and up 47.0% on 3Q03 At unchanged FX Data gross of consolidation adjustment Attributable Net Income 3Q04 (Euro mln) 44 Total revenues 222 Operating income 93 Cost/Income 57.8% Cost of Risk 2 (annualised) 95 bp - o/w net interest income 1 128 Net write-downs of loans -14 ROE (9M04 data, y/y % ch.) % ch. on 2Q04 -4.9 -8.4 -17.0 +4.1 pp -8 bp -0.2 - o/w net commissions 47 -15.6 -6.7 21.0% Operating costs -128 -1.4 Tax Rate 10.8% +6.7 pp % ch. on 3Q03 +47.0 -2.8 -4.1 +1.2 pp +11 bp -3.4 -24.1 -10.0 +4.7 pp -0.7 -17.3 pp

53. 53 3 Including provisions to reserve for general banking risk 1 Including dividends 2 Including depreciations 4 At unchanged FX CONSOLIDATED INCOME STATEMENT: ZAGREBACKA ITAS (Euro mln) Net interest income 1 Net non interest income Total revenues Operating costs 2 Operating income Net write-down of loans Net extraordinary income Net income Other net provisions 3 Taxes Net income for the Group % ch. 4 on 3Q03 3Q04 70 30 99 -47 52 -8 +1 40 +3 -7 33 % ch. on 2Q04 4 +9.6 +80.6 +24.1 -10.6 +91.0 +79.2 n.m. +107.3 -30.8 +38.7 +109.4 +13.1 +9.9 +12.1 -2.4 +29.5 +51.7 n.m. +37.7 n.m. +26.1 +48.6 9M04 195 71 266 -146 120 -19 +0 89 +7 -20 72 y/y % ch. 4 +8.7 -5.3 +4.6 +2.4 +7.3 +34.3 -85.1 +9.5 n.m. +9.4 +13.0 Data gross of consolidation adjustment (excluding Net Income for the Group that is net)